AUDUSD Breaks Above Key Resistance, Jobs Data Coming Up

Aussie rose strongly on Wednesday driven by the better risk on tone from the moderately lower-than-expected US April CPI and news of possible government intervention in the China property market. AUDUSD is approaching 67c and rose 1% yesterday to 0.6693, close to the intraday high. The pair is currently around 0.6695. The USD index fell 0.6% on lower yields.

• AUDUSD broke above key resistance at 0.6679 opening up 0.6705, January 15 high. The move also strengthens the bullish theme if sustained. Initial support is at 0.6550, 50-day EMA.
• Kiwi rallied further than Aussie and so AUDNZD is down 0.3% to 1.0935. AUDJPY is slightly lower at 103.60. AUDEUR is 0.4% higher at 0.6150 and AUDGBP +0.3% to 0.5277.
• Equities rallied with the S&P up 1.2% and the Euro stoxx +0.4%. Oil is also stronger with Brent rising 0.6% to $82.91. Copper rose 0.6% and iron ore is around $114/t.
• Today April labour data print with Bloomberg consensus expecting 23.7k new jobs but for the unemployment rate to tick up to 3.9%.